How can you choose the crypto trading platform that is right for you? Which platform will offer the best choice of investments from the vast array of available options?
In addition to the questions above, there are others you should ask yourself when looking for a trading platform:
- What are my needs: What is your investment plan and how would you like it to evolve over time?
- Is the platform safe and secure: Is it backed by a trustworthy institution and regulated?
- Will I gain knowledge using this platform: Will you develop as a trader, becoming more skilled and knowledgeable? Can you get valuable information through the platform and does it offer good customer support if you need it?
Choosing the right crypto trading platform is important. Read on for some key points to consider when selecting the best crypto trading platform.
Rich choice of assets
There are more than 5,000 cryptocurrencies traded today, in a variety of categories. Many people choose to focus their portfolio on the big ones, like Bitcoin, Ether and Ripple. However, as with all investment types, it is wise to diversify your investments. Diversifying will give you a broader exposure to the market, and as you explore beyond the major categories, you will learn more, which may affect your investment strategy as you evolve as a trader.
For these reasons, it’s advisable to choose a crypto trading platform that offers a wide and reliable selection of assets. The more options, the more you can customize your portfolio to suit your changing needs.
An excellent example of such a trading platform is eToro, which offers a wide variety of cryptocurrencies and options for those who wish to trade and invest in the crypto market including:
- The biggest cryptocurrencies. Starting with bitcoin, the pioneer of the entire crypto and blockchain ecosystem, and followed by major crypto assets like ether, ripple, dash, zcash and stellar, eToro offers trading on the largest cryptocurrencies, often a base for crypto traders.
- Custom stablecoins. Pegged to major fiat coins — and offering diversification and stability to your investments — stablecoins including the eToro US dollar, eToro Japanese yen and eToro Euro may give you another way to invest in crypto outside the major cryptocurrencies and the tiny, unproven ones.
- 101 digital assets pairs. The pairing of crypto assets and fiat coins offers another unique way to invest in crypto.
Low fees
Naturally, you want your money to work for you rather than line the pockets of trading firms. Look for a platform that takes the lowest fees and offers the best trading prices.
eToro offers highly competitive fees in comparison to other platforms. To be specific: at eToro, there is zero commission. While other brokers charge you when you buy or sell and may also take management fees, on eToro, we have a simple fee structure: no fees. Stated one more time: there is no fee for trading on eToro.
User friendly
As a trader, most of your efforts will be focused on depositing, withdrawing, buying and selling. These are the actions you will do at least once and possibly hundreds of times. Convenience and a user-driven interface will make using the platform comfortable and enjoyable.
User friendliness isn’t just about the quality of service you’ll receive from the trading platform – though service is an important feature by itself. We mean first and foremost, the ability to make and execute your investment decisions swiftly and easily.
Unless you know you will never trade on the go, you should check the app of any trading platform you’re considering. Today, many traders use their mobiles for executing trades, checking their account and searching for opportunities. However, not all trading platforms have invested in giving users an easy-to-use app, and some don’t even have apps with the features traders need — or even any app at all.
eToro has made its trading platform easy to use, with an intuitive interface for the PC as well as the mobile app. eToro is ideal for investors who are taking their first steps in crypto as well as more experienced and sophisticated crypto investors.
Among the key features of eToro, you can find a virtual portfolio with trading in real-time, one-click trading with ready-made parameters matching your preferences, and a feature-rich app that lets you easily access the cryptocurrency market as well as the eToro trading community, stats and updates 24/7.
Security and transparency
When choosing a trading platform, security and trustworthiness are paramount. It is vital you are working with a reliable firm, one that is regulated, properly supervised, and meets professional standards. In addition, check out reviews by other users. A solid review by current users can say a lot about a trading platform.
Another crucial factor is transparency: you will want to work with professionals who know the industry and are precise and responsible in delivering services to you.
eToro is dedicated to honest and consistent service to its users. The platform is fully transparent and supervised by major financial regulators, including the LLC FinCEN regulation in the US, the Financial Conduct Authority (FCA) in the UK, the Australian Securities and Investments Commission (ASIC), and Cyprus Securities & Exchange Commission (CySEC). In addition, eToro is a registered Cypriot Investment Firm (CIF) by European laws. Clients’ funds are kept secured in tier 1 banks, and all of their personal information is guarded under SSL encryption.
Community
Crypto and communities go together. The founders, developers and traders are those who built the thriving decentralized economy that epitomizes the idea of community.
For traders, an active and relevant community is a source for information, progress and support. Especially for those who are starting out in the field of crypto investing, a lively community can be important for learning from the experience of others and improving your knowledge and trading sense.
As a social trading platform, eToro is all about community. eToro presents an array of community-based features that facilitate and enrich your investing experience, from enjoying the wisdom of popular traders to copying the investments of accomplished traders via CopyTrader.
The social news feed lets eToro’s users share information and get 24/7 support. Along with the CopyTrader feature, eToro has also developed an advanced and professional investment product, CopyPortfolios – which offers you a balanced investment you can trade as is. You can either copy selected investors or a market portfolio, and your investment is optimised by a machine learning algorithm managed by eToro’s expert investment committee.
This article has been sponsored by eToro and readers should do their own due diligence before using any of the platforms, digital assets, or services mentioned in this piece.